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水泥企业非筹资性现金净流量与流动负债的比率(%)
水泥企业非筹资性现金净流量与流动负债的比率(%)
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所属报告:
水泥行业深度:供给格局再平衡价值回归之帆已扬-230213(30页).pdf
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产能结构再平衡最终的结果是企业扩张性新建产能行为终结,使得水泥这个产能过剩的行业不再遭受新增供给冲击。丢失份额的龙头企业已采取措施保卫其护城河,本轮盈利周期下行将从现金流量及扩张预期两个方面终结企业的扩张行为,使得供给端竞争格局重回平衡。衡量主要水泥企业的现金流量、偿债能力、现金水平,本轮盈利下行周期已改变主要企业的扩张能力。
海螺水泥在现金流量,在手现金水平,偿债能力等多个方面遥遥领先,而前期积极扩张的企业面临现金流入与资本支出趋势的背离,同时较高的负债水平又进一步限制持续举债扩张的能力。海螺以外的水泥企业较难承受盈利周期在底部持续时间拉长,竞争格局走向再平衡的路径也十分清晰。
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水泥行业深度:供给格局再平衡价值回归之帆已扬-230213(30页).pdf
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